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uSell.com Reports Strong Full Year 2015 Results
306% YOY Revenue Growth to $27.1 Million
68% YOY Pro-Forma Revenue Growth to $78.6 Million
Increase in Working Capital to $5.6 Million and Stockholders’ Equity to $14.0 Million
New York, NY – (Marketwired) - March 30, 2016 - uSell.com (USEL), a technology based company focused on extracting the maximum value from used mobile devices, today reported results for the fourth quarter and full year ended December 31, 2015.
As a result of the acquisition of We Sell Cellular, LLC (“We Sell”), uSell.com’s business was fundamentally transformed and its financial situation substantially improved. The financials contained within this press release and the corresponding Form 10-K reflect just over two months of joint operations, as the merger was consummated on October 27, 2015.
|·||Revenues increased by $20.4 million, or 306%, from $6.7 million for the year ended December 31, 2014, to $27.1 million for the year ended December 31, 2015|
|·||Net loss decreased by $4.7 million, or 64%, from $7.3 million for the year ended December 31, 2014, to $2.6 million for the year ended December 31, 2015|
|·||Net loss decreased by $1.1 million, or 76%, from $1.4 million for the quarter ended December 31, 2014, to $0.3 million for the quarter ended December 31, 2015|
|·||Adjusted EBITDA loss improved by $2.8 million, or 78%, from $3.6 million for the year ended December 31, 2014, to $0.8 million for the year ended December 31, 2015|
|·||Adjusted EBITDA was positive at $0.3 million for the quarter ended December 31, 2015, as compared to a loss of $0.8 million for the quarter ended December 31, 20141|
|·||Working capital increased to $5.6 million at December 31, 2015, from $1.7 million at December 31, 2014|
|·||Stockholders’ equity increased to $14.0 million at December 31, 2015, from $2.6 million at December 31, 2014|
For the first time in its operating history, uSell.com experienced meaningfully positive Adjusted EBITDA for the three months ended December 31, 2015. While this was primarily the result of the acquisition of We Sell, the Company also benefited from efficiency gains within its legacy retail business, validating its strategic decision to reduce marketing spend in favor of the wholesale acquisition of devices.
|1.||See discussion of Non-GAAP financial information on page 3.|
The following information was filed by Usell.Com, Inc. (USEL) on Wednesday, March 30, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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